AcquisitionsApr 29, 2026, 02:19 PM
CCB Explores Acquisition of Evolve Bank's BaaS Programs
AI Summary
Coastal Community Bank, a subsidiary of Coastal Financial Corporation, has entered into a non-binding term sheet with Evolve Bank & Trust. The term sheet outlines the potential acquisition of assets and deposits related to a diverse set of Evolve's banking-as-a-service programs. The Bank plans to initiate due diligence, and any acquisition will be contingent upon definitive agreements and regulatory approvals.
Key Highlights
- Coastal Community Bank (CCB) signed a non-binding term sheet with Evolve Bank & Trust.
- CCB is exploring the acquisition of assets and deposits from Evolve's banking-as-a-service (BaaS) programs.
- The Bank intends to promptly initiate due diligence on certain Evolve Programs.
- Any acquisition is subject to definitive agreements, regulatory approvals, and customary closing conditions.